The Fading Premium: Environmental and Financial Performance Across Nordic Industries

IF 13.2 1区管理学 Q1 BUSINESS

Business Strategy and The Environment Pub Date : 2026-09-30 DOI:10.1002/bse.71627

Ane C. H. Jensen, René Goduscheit, Amjad Naveed

引用次数: 0

Abstract

The relationship between environmental and financial performance remains one of the most studied and least settled questions in business research. Using a panel of 741 Nordic listed firms from 2018 to 2025, we study how industry, time, firm resources, and the substance of engagement condition it. Industry determines where a relationship exists at all. Most of the economy shares no common emissions‐performance relationship, one reason pooled studies disagree; the one group that does is led by machinery manufacturing. Within industries, cleaner firms outperformed peers in accounting returns and valuation during 2018–2021. The premium concentrated in slack‐rich firms, followed financial strength rather than producing it, and attached to measured reductions rather than announced targets. After 2021 the market‐wide accounting premium is gone, a formally tested change, leaving a valuation markdown for the dirtiest firms. The payoff has changed form, from a premium for leading to a penalty for lagging.

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消退的溢价：北欧工业的环境和财务绩效

环境和财务绩效之间的关系仍然是商业研究中研究最多、解决最少的问题之一。我们以2018年至2025年的741家北欧上市公司为样本，研究了行业、时间、公司资源和敬业度的实质对敬业度的影响。行业决定了关系存在的位置。大多数经济体没有共同的排放-绩效关系，汇集研究不同意的一个原因；唯一一个这样做的是机械制造业。在行业内，清洁能源公司在2018-2021年的会计回报和估值方面优于同行。溢价集中在富余的公司，跟随财务实力，而不是产生财务实力，并与衡量的削减挂钩，而不是宣布的目标。2021年之后，整个市场的会计溢价将不复存在，这是一个经过正式考验的变化，给最脏的公司留下了估值下调的空间。回报的形式也发生了变化，从领先的奖励变成了落后的惩罚。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Business Strategy and The Environment Multiple-

CiteScore

22.50

自引率

19.40%

发文量

336

期刊介绍： Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.